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so we keep telling clients, watch these defense contractors. it has utx, it has boeing, it has lockheed martin. these guys will be the most impacted by sequestration if this hits. so we always watch this for stress if the market is selling off for cliff reasons or if it's just a near term emotional blip. kelly, the other thing we're paying a lot of attention to is the gold market. we've been seeing investors buying a lot of protection against gold over the last month and gold has been having some big swings that have been well publicized because of the fiscal cliff action. now, why? everybody is like, all of a sudden, if we go over the cliff, gold should jump because it's a safe haven trade. not whatsoever. if we go over the cliff, that's tighter monetary reaction. that's a big cold headwind as far as the buzz is concerned out there. that's why we've been seeing a lot of people buying december and january put peps. >> david, normally this time of year, we get window dressing. i just wonder whether the opposite is happening. >> you're hitting it
so we keep telling clients, watch these defense contractors. it has utx, it has boeing, it has lockheed martin. these guys will be the most impacted by sequestration if this hits. so we always watch this for stress if the market is selling off for cliff reasons or if it's just a near term emotional blip. kelly, the other thing we're paying a lot of attention to is the gold market. we've been seeing investors buying a lot of protection against gold over the last month and gold has been having...
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Dec 12, 2012
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be a little bit defensive and clearly the uncertainty of the fiscal cliff. it doesn't seem to be having an impact. i find that remarkable. >> john, that isn't within ben bernanke's power. they're almost a lone actor here, responding to everything. >> that's right. in fact, ben bernanke has created a bigger put, as you talked about the greenspan put, but the bernanke put has been explicit. he's talked about the transmission of quantitative easing through the equity market as being a major transmission mechanism of the monetary policy. >> sure. >> i think that's a little bit worrying. because if the fed is not willing to let the market tighten, when will they take liquidity off the table when inflation threatens. >> gentlemen, we will leave it there. john and mark, thank you. we will, of course, see what the fed does this afternoon. stay tuned to cnbc for live coverage of that decision. it all starts at 12:15 eastern. hear what the federal reserve chairman ben bernanke has to say to the type of criticism that we just heard live on cnbc. that news conference th
be a little bit defensive and clearly the uncertainty of the fiscal cliff. it doesn't seem to be having an impact. i find that remarkable. >> john, that isn't within ben bernanke's power. they're almost a lone actor here, responding to everything. >> that's right. in fact, ben bernanke has created a bigger put, as you talked about the greenspan put, but the bernanke put has been explicit. he's talked about the transmission of quantitative easing through the equity market as being a...
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Dec 11, 2012
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he said we've already cut defense. there's double cutting on both sides. >> why don't we cut foreign aid? why don't we cut -- we always talk about medicare and social security. we give a lot of money to farmers. we have big foreign aid. a lot of countries we're probably thinking you don't want to give it to. >> i think we should eliminate foreign aid with one exception, and that is we should share with people that understanding of how we did it. fernando desoto who's been out in various countries getting property rights established so that people who live on land -- most of the people in egypt live on land they don't own. live in homes that they don't technically own. they can't sell them. they can't go away for a long period of time. maybe a quarter of it is on land that's unconstitutional to live on. >> so cut that. >> but don't give them cash. but do explain to them, that the property rights are kind of important if you want to build a free society. >> how about negotiating with these drug companies? you know, the r
he said we've already cut defense. there's double cutting on both sides. >> why don't we cut foreign aid? why don't we cut -- we always talk about medicare and social security. we give a lot of money to farmers. we have big foreign aid. a lot of countries we're probably thinking you don't want to give it to. >> i think we should eliminate foreign aid with one exception, and that is we should share with people that understanding of how we did it. fernando desoto who's been out in...
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Dec 7, 2012
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defense here. you can still make it. it gives the opportunity to at least make a final defense so to speak as to why they shouldn't take action. we'll see what that defense is when mr. hastings -- we have a sense for it given what they wrote yesterday. >> i'm sure it will be closely watched. we should be clear that we didn't see too much reaction in the stock for good reason. this is really a slap on the wrist in the scheme of things. this will be closely watched because i'm sure other companies will want to know whether if they tweet something, is that fair disclosure. if they use facebook and that will have ramifications in terms of how companies choose to share information with investors. the other point that it raises just thinking about information that can move the markets, this is separate from the s.e.c. in a wells notice, there are many days where we have economic data that is released and it is released a few minutes beforehand to subscribers to that service. is that fair? that's not the s.e.c.'s purview but it
defense here. you can still make it. it gives the opportunity to at least make a final defense so to speak as to why they shouldn't take action. we'll see what that defense is when mr. hastings -- we have a sense for it given what they wrote yesterday. >> i'm sure it will be closely watched. we should be clear that we didn't see too much reaction in the stock for good reason. this is really a slap on the wrist in the scheme of things. this will be closely watched because i'm sure other...
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Dec 11, 2012
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the philadelphia defense index, the main index everyone watches in defense stocks, historic high today. all the big name defense stocks are to the upside. raytheon, northrop, rockwell. all are up and outperforming the market this month. who would have thunk it? say what you will. these stocks are having big worries on sequestration. put up my two main points and i'll tell you what i think is going on here. even though the threat is looming here they're ignoring it. i think regardless. everything i read indicates there's budget uncertainty and slower bookings comes from all the defense names. frankly them trading at a slight premium to the market now strikes me as a bit odd. nonetheless, that's what's going on. let me also mention the airlines. because the airline index is hitting a 52-week high today. there is some general optimism. delta, there's actual deals. kell t delta is buying into southwest. 49% stake from singapore. good commerce from some of the airlines recently. let me show you what i think is happening. more consolidation coming here. we're talking about some of the deals
the philadelphia defense index, the main index everyone watches in defense stocks, historic high today. all the big name defense stocks are to the upside. raytheon, northrop, rockwell. all are up and outperforming the market this month. who would have thunk it? say what you will. these stocks are having big worries on sequestration. put up my two main points and i'll tell you what i think is going on here. even though the threat is looming here they're ignoring it. i think regardless....
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Dec 13, 2012
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they are embarking on a defense strategy that focuses on the asia pacific region. they are already standing marines in australia on a rotational basis. >>> the greet rift valley cuts through eastern africa. people who live along it have looked deep into the ground and seen a source of energy. steam, super heated. they are hoping it will bring a end to power shortages that hit day and night. >> reporter: kenya is a popular tourist destination in the world. hotels and office buildings have been springing up in the capital. it's fast development has brought problems. the city's plagued with frequent blackouts. a flashlight is a must item for many people. utilities are having a hard time to meet the growing demand for electricity. that's because of their heavy reliance on hydropouter. there's no rain even during the rainy season is standing in the way. the government is scrambling to promote geothermal power which is not influenced by the weather. >> we're looking into getting into 50/50%. 50% geothermal and 50% the others. the future is quite bright. >> reporter: toug
they are embarking on a defense strategy that focuses on the asia pacific region. they are already standing marines in australia on a rotational basis. >>> the greet rift valley cuts through eastern africa. people who live along it have looked deep into the ground and seen a source of energy. steam, super heated. they are hoping it will bring a end to power shortages that hit day and night. >> reporter: kenya is a popular tourist destination in the world. hotels and office...
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Dec 8, 2012
12/12
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arm from national defense university. i age with your conclusions that the energy outlook is much more positive than two years ago, but, may, i want to queson two fctionsone of them, the difference between boder ability and [inaudib] what happens in china and india states.ect the united we will never be independent in a global market. many of you talked about countries that do not wish us well. basically, opec countries. these countries, in my opinion, have been very cooperative. libya, kuwait, uae. they have all helped us contained iran. they have some connection with an 9/11. our relationship with these countries have been very good. >> ihink it has been said what you said in your first poin the fact that we may reduce the amountf oil import, it d not decouple was from the world oil market. canada and norway are both exporters, but their citizens pay of the market price for a gallon of gasoline. we said exactly what you said on your first point. on your second point, the opec nations in being friends of the unedtates, i
arm from national defense university. i age with your conclusions that the energy outlook is much more positive than two years ago, but, may, i want to queson two fctionsone of them, the difference between boder ability and [inaudib] what happens in china and india states.ect the united we will never be independent in a global market. many of you talked about countries that do not wish us well. basically, opec countries. these countries, in my opinion, have been very cooperative. libya, kuwait,...
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Dec 12, 2012
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president morsi did know advance.is meeting in heas stunned by his own defense minister. i think it's a mistake right now to view the egyptian defense people as hostile or, acting contrary to their own country's interests. if egypt falls apart, everything falls a i part. -- apart. they don't want that. melissa: mike barrett, this is great point. in some sense wee don'tnow who we're giving the planes to. >> i used to live in turkey. i love it as a country. we see islamist oriented government has taken over the reins in terms of military. they put the senior military officers on trial. as a result they now exert a lot more political influence over this. while i agree with judy on the point the egyptian military is the not problem. what i'm worried who will give orders to the egyptian military in a year, two years, three years. melissa: what is the best way to play that? we all agree there is a lot of uncertainty in the situation. it is incredibly volatile. everyone in charge or in power over there may or may not be our friends. but at the same time, withdrawing everything b
president morsi did know advance.is meeting in heas stunned by his own defense minister. i think it's a mistake right now to view the egyptian defense people as hostile or, acting contrary to their own country's interests. if egypt falls apart, everything falls a i part. -- apart. they don't want that. melissa: mike barrett, this is great point. in some sense wee don'tnow who we're giving the planes to. >> i used to live in turkey. i love it as a country. we see islamist oriented...
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Dec 11, 2012
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that will tell amount of nano grams in tte system, that cld strike a death knell to any defense. melissa: rebecca, isn't that hard to prove or regulate or sett a yardstick against? i'm told night same like alcohol level like .08. abe that you're guilty. marijuana stays inhe system longer, different impact on people. doesn't that make it tougher for law enforcement? >> absolutely. it does stay in the blood. they're concned people will found guilty driving under the influen. we have something call the drug recognition experts. they're used on day-to-day basis when somebody is pulled ove for what they believed was an alcohol infraction and turns out what joke which was talking about when they blow into the meter and it comes out 0.0. why are they driving the way that they drove and why did they fail the field sobriety tests? ah, they must under the influence of drugs which could inude prescriptions. and what's been happening with these drug recognition experts that we have been challenging their expert tees. and it turns out that we have somebody from dr. jeffrey janeska from hns ho
that will tell amount of nano grams in tte system, that cld strike a death knell to any defense. melissa: rebecca, isn't that hard to prove or regulate or sett a yardstick against? i'm told night same like alcohol level like .08. abe that you're guilty. marijuana stays inhe system longer, different impact on people. doesn't that make it tougher for law enforcement? >> absolutely. it does stay in the blood. they're concned people will found guilty driving under the influen. we have...
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Dec 13, 2012
12/12
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if martoma cooperates, it is actually very important for his defense. we should also point out that martoma's attorney will deny the cooperation agreement. they are footing the bill for martoma's legal fees which is separate from his cooperation agreement. jake, unpack this for us. they have a cooperation agreement, which i think is pretty key here. what do you make of it. >> martoma just made the biggest trade of his life. he chose steve cohen. here is the deal that they have. steve cohen is paying the legal fees. that could be millions. he gets a copy of the government playbook. they will work and share information together. rather than flipping on steve cohen, he has decided to work with him and he is betting that the high-priced lawyers will beat the feds, as they usually do. adam: is this kind of like a conflict of interest. >> they say we have the same interests and beating the government and saying this was not insider-trading. the government also flipped this doctor who told martoma about the trials. charlie: this is all about martoma's trading.
if martoma cooperates, it is actually very important for his defense. we should also point out that martoma's attorney will deny the cooperation agreement. they are footing the bill for martoma's legal fees which is separate from his cooperation agreement. jake, unpack this for us. they have a cooperation agreement, which i think is pretty key here. what do you make of it. >> martoma just made the biggest trade of his life. he chose steve cohen. here is the deal that they have. steve...
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Dec 11, 2012
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you know possibly where his legal defense is going, so it is an interesting issue. i have bounced this off of a number of lawyers. the wayne state university professor said listen, drug cartels do this often. it is classic. it always does despite the fact it is routine in some respects, we don't know what it says, but it is routine but it raises suspicions all the time. this is somewhat controversial. another wrinkle in the case, a lot of people say staring at 20 years, shows no signs of wanting to cooperate. i talked to a lot of people, they say yes. melissa: charlie, thank you. a battle for control as opec meets. who will be the new leader of the oil cartel? saudi arabia or arch rival iran fighting for the top spot. [ male announcer ] where do you turn for legal matters? at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide you along, answer any q
you know possibly where his legal defense is going, so it is an interesting issue. i have bounced this off of a number of lawyers. the wayne state university professor said listen, drug cartels do this often. it is classic. it always does despite the fact it is routine in some respects, we don't know what it says, but it is routine but it raises suspicions all the time. this is somewhat controversial. another wrinkle in the case, a lot of people say staring at 20 years, shows no signs of...
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Dec 12, 2012
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it's going to take place on january 2 of next year, 2013, and the defense budget is going to see the brunt of these spending reductions. most everything is 2% across the board. spending, additional cuts, $55 billion per year that is going to give them a total of $492 billion in cuts and this is going to leave our military with the smallest ground force since 1940, the smallest naval fleet since 1915, and the smallest task ta call fighting force in -- tactical fighting force in the history of the air force. medicare could see $16.4 billion in annual cuts leading to the elimination of 496,000 jobs in 2013. 62,000 physicians are going to be adversely impacted. and we know the sequester cuts are not -- are not fair to everybody. . we've talked about getting the fiscal house in order and cutting spending and fighting the growth in the debt. we've also passed some bills this year and i would like to remind the members of the body, mr. speaker, of these pieces of legislation that this house of representatives has already passed. and they're sitting on the desk over in the senate. now, we ha
it's going to take place on january 2 of next year, 2013, and the defense budget is going to see the brunt of these spending reductions. most everything is 2% across the board. spending, additional cuts, $55 billion per year that is going to give them a total of $492 billion in cuts and this is going to leave our military with the smallest ground force since 1940, the smallest naval fleet since 1915, and the smallest task ta call fighting force in -- tactical fighting force in the history of...